Procurement Tools

Procurement Tools

Mutual Marketplace invests in industry-leading technologies to streamline procurement. Our systems organise data, allow for simplified interdepartmental data integration, minimise errors in bookkeeping, and more.

For maximum efficiency and optimal user experience, we only use the most trusted vendors: TechnologyOne and ServiceNow.

TechnologyOne

We use TechnologyOne, Australia’s largest enterprise software company, to provide our customers with an efficient shopping cart experience. It is known for its contribution to the Australian IT industry and recognised by national and global award-giving bodies such as the Australian Business Awards. The company’s solutions are built on its goal of transforming businesses to make customers’ lives simpler.

TechnologyOne Supply Chain

TechnologyOne Supply Chain enables us to digitise and automate the management of the entire procure-to-pay process, replenishment of stocks and inventory control. The software eliminates the need for paper-based exchanges with suppliers, ensure compliance by enforcing policies, maximise opportunities to claim rebates and so much more. Devolving purchasing throughout the entire organisation, the system allows us to lighten your finance department’s workload while addressing every unit’s requirements.

TechnologyOne Supply Chain has modules in procure-to-pay, inventory, eProcurement and enterprise capabilities, giving us the ability to track activities and capture data every step of the way. Through simplifying processes, TechnologyOne allows us to minimise risks and eliminate error-prone and laborious tasks. For your organisation, especially your members, this means getting the right product, at the right place and at the right time while enjoying a better bottom-line.

ServiceNow

ServiceNow allows users to request services from Mutual Marketplace in a standardised way. ServiceNow is a cloud computing company that started with a simple idea: make work better for people. Putting people at the heart of its business, ServiceNow provides solutions that enable smooth and effortless work across teams, silos and systems. The company is ranked #1 in Forbes’ World’s Most Innovative Companies List.

Addressing Procurement Friction and Bottlenecks

Mutual Marketplace has had multiple successes in eliminating friction and bottlenecks in numerous organisations. Working with mutuals across Australia, we’ve seen that procurement problems across organisations are borne out of manual processes.

The same goes with organisations in other parts of the globe. A 2017 global P2P study revealed that businesses waste 125 hours per week due to manual processes. The most common causes of P2P friction identified around the world are:

  • High volume of paper invoices received
  • Excessive amounts of non-purchase order based invoice
  • High quantity of supplier inquiries on invoice or payment status
  • Absence of automated exceptions
  • Slow manual approvals

Apart from these five, some of the most common problems experienced by partners with manual and semi-automated processes are:

  • inconsistency and errors in data entry
  • lack of security (since data is physically accessible)
  • slow, inconsistent and error-prone report generation
  • dependency on trustworthy and diligent individuals

On the other end of the spectrum, partners who tried automating their procurement process faced challenges in finding the right system for their organisation, training their staff in using the technology and affording upgrades and continuous use of technologies such as SaaS and ERPs – all contributing to a lower ROI.

Our vast experience with the cooperative financial sector, alongside our skills and resources, has equipped us to assist partners in resolving different challenges. We take time to understand your business’s current state and needs and create strategies to deliver great results. With our investment in technology-driven solutions, our partners experience the following benefits:

Freedom from paper-based documents and its risks

Automating the P2P process eliminates error-prone and time-consuming tasks. As every transaction is automatically recorded, there is no risk of input errors or manipulation of figures. The odds of losing invoices or any other document and the repercussions that come with the loss are eliminated as well. Plus, there is no longer a need for organisations to archive volumes of paper documents, saving valuable office space.

Better transparency and visibility

Our P2P technologies integrate data across all departments. This allows us to view the status of every purchase and spot potential issues and address them immediately. Our systems enforce organisational policies, ensuring compliance throughout the organisation. No ad hoc purchases are done nor non-contracted spend. With a much-organised database, drilling down is made easier.

Improved analysis and projections

Eliminating the disparate P2P systems, our tools make data collection and cleansing easy. You collect more precise data allowing for better analysis of your organisation’s spend and purchasing activities. You can also detect resources that are no longer used or are underused. These capabilities allow us to create stronger projections and strategy roadmaps to improve procurement processes.

New opportunities

Freeing a portion of your working capital and a huge amount of your finance department’s time, there are more opportunities to grow. Your finance department can concentrate on more important tasks and create business plans to eliminate costs and further enhance the department.

Controlled 24/7 operations across different locations

Our procurement technologies transform P2P from an 8-to-5 operation bound to its time zone to a 24/7 function that transcends time and space. With an integrated system, managing tasks of a decentralised team across different locations is simplified while ensuring that your headquarters retains full control over the procurement process.

Choose Digitalisation, Automation and Complete Optimisation

At Mutual Marketplace, we don’t only digitise your operations. We fully automate it to deliver complete optimisation. Contact us today and we’ll discuss how we can streamline your procurement process to turn it into a more competitive strategic function.

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